This paper considers the two-echelon supply chain system which consists of single agricultural producers and retailers,and analyzes the impact of sharing ratio on the option ordering quantity,and retailers and produce...This paper considers the two-echelon supply chain system which consists of single agricultural producers and retailers,and analyzes the impact of sharing ratio on the option ordering quantity,and retailers and producers' expected profits.Studies have shown that in the case of decentralization,when the revenue sharing ratio is between 0 and 0.3,the option ordering quantity of farm produce is a decreasing function of the sharing ratio; when the revenue sharing ratio is between 0.3 and 1,the option ordering quantity of farm produce is an increasing function of sharing ratio; when the revenue sharing ratio is between 0.421 and 1,the agricultural producers and retailers' expected profits are an increasing function of sharing ratio.Finally,through the numerical calculation,the applicability of the conclusions is verified,to provide a reference for the supply chain management practices.展开更多
Option contract is one of the most important instruments for power generators developing bidding strategies and hedging market risk. Based on the peculiarities of bid-based-pool （BBP） power markets, a joint two-stag...Option contract is one of the most important instruments for power generators developing bidding strategies and hedging market risk. Based on the peculiarities of bid-based-pool （BBP） power markets, a joint two-stage Cournot equilibrium model for option and spot markets is developed, and analytical formulas for market equilibrium are derived using a backward induction method. The impacts of option contract on efficiency of electricity markets and the behaviors of strategic generators are analyzed. The results show that strategic generators will voluntarily participate in strategic option contracting, and the existence of option contract accelerates the degree of competitive intensity in electricity markets and mitigates the market power abuse of generators to a large extent. In order to retain high spot market price and stable revenues, generators are interested in holding extremely high volatility of spot market price.展开更多
In the global supply chain in a setting characterized by exchange rate uncertainties,it is quite necessary to focus on comparative research trying to find out which kind of purchasing strategy is better in different s...In the global supply chain in a setting characterized by exchange rate uncertainties,it is quite necessary to focus on comparative research trying to find out which kind of purchasing strategy is better in different situations.The two common global purchasing strategies,risk sharing(RS)and quantity flexibility(QF),are selected to be compared.Using a real-options approach,the valuation models of RS and QF purchasing contracts are established.By means of binomial lattice technique,numerical simulation and sensitivity analysis of two stochastic dynamic programs are presented.The effects on expected discounted value by changing relative parameters are described clearly.Based on comparative analysis,it is concluded that the QF purchasing strategy is better than that of the RS especially where great volatility exists for exchange rate processes in the global supply chain.展开更多
The uncertainty of natural fall results in the uncertainty of water resource, which brings difficulty in allocating farming water resource characterized by ＂more use when it is lack but less when enough＂. By analyzi...The uncertainty of natural fall results in the uncertainty of water resource, which brings difficulty in allocating farming water resource characterized by ＂more use when it is lack but less when enough＂. By analyzing the endurance of farming households of water price and the shortcoming of transaction system of farming water fight, options of farming water are deviated from water fight market, which allows farming households to evade the natural and market risks by means of purchasing call or put option contracts in order to raise the utilization ratio of water and to realize the allocation optimum.展开更多
基金Supported by National Natural Science Foundation of China(7093200571102055)+1 种基金Youth Fund Project of Sichuan Provincial Department of Education(13ZB003514ZA0304)
文摘This paper considers the two-echelon supply chain system which consists of single agricultural producers and retailers,and analyzes the impact of sharing ratio on the option ordering quantity,and retailers and producers' expected profits.Studies have shown that in the case of decentralization,when the revenue sharing ratio is between 0 and 0.3,the option ordering quantity of farm produce is a decreasing function of the sharing ratio; when the revenue sharing ratio is between 0.3 and 1,the option ordering quantity of farm produce is an increasing function of sharing ratio; when the revenue sharing ratio is between 0.421 and 1,the agricultural producers and retailers' expected profits are an increasing function of sharing ratio.Finally,through the numerical calculation,the applicability of the conclusions is verified,to provide a reference for the supply chain management practices.
基金supported by the National Natural Science Foundation of China (Grant No.70871074)
文摘Option contract is one of the most important instruments for power generators developing bidding strategies and hedging market risk. Based on the peculiarities of bid-based-pool （BBP） power markets, a joint two-stage Cournot equilibrium model for option and spot markets is developed, and analytical formulas for market equilibrium are derived using a backward induction method. The impacts of option contract on efficiency of electricity markets and the behaviors of strategic generators are analyzed. The results show that strategic generators will voluntarily participate in strategic option contracting, and the existence of option contract accelerates the degree of competitive intensity in electricity markets and mitigates the market power abuse of generators to a large extent. In order to retain high spot market price and stable revenues, generators are interested in holding extremely high volatility of spot market price.
基金The National Key Technology R&D Program of China during the 11th Five-Year Plan Period(No.2006BAH02A06)CSC(China Scholarship Council)Scholarship Program for Graduate Student Studying Abroad 2007
文摘In the global supply chain in a setting characterized by exchange rate uncertainties,it is quite necessary to focus on comparative research trying to find out which kind of purchasing strategy is better in different situations.The two common global purchasing strategies,risk sharing(RS)and quantity flexibility(QF),are selected to be compared.Using a real-options approach,the valuation models of RS and QF purchasing contracts are established.By means of binomial lattice technique,numerical simulation and sensitivity analysis of two stochastic dynamic programs are presented.The effects on expected discounted value by changing relative parameters are described clearly.Based on comparative analysis,it is concluded that the QF purchasing strategy is better than that of the RS especially where great volatility exists for exchange rate processes in the global supply chain.
基金This paper is supported by National Nature Science Foundation of China （No. 70373042）.
文摘The uncertainty of natural fall results in the uncertainty of water resource, which brings difficulty in allocating farming water resource characterized by ＂more use when it is lack but less when enough＂. By analyzing the endurance of farming households of water price and the shortcoming of transaction system of farming water fight, options of farming water are deviated from water fight market, which allows farming households to evade the natural and market risks by means of purchasing call or put option contracts in order to raise the utilization ratio of water and to realize the allocation optimum.
